NexJ KYC Workflow and Approval enables firms to automate and streamline Know Your Client (KYC) processes to manage compliance risk, re-focus advisors on revenue generation, and identify new cross-sell and upsell opportunities.

Know Your Client is a top priority for financial services firms. Regulators have prescribed strict information gathering and disclosure requirements that firms must follow to tailor recommendations, educate clients, and prevent fraud. This has created a massive administrative burden for firms to record and provide proof of compliance of interactions, transactions, and recommendations in regular reports and audits. In recent years, many top-tier financial institutions have been fined by regulators for lack of governance and diligence in the Know Your Client and Anti-Money Laundering processes.

Unfortunately, managing Know Your Client requirements is time consuming and complex and consumes valuable time that should be spent generating revenue. NexJ KYC Workflow and Approval is designed to alleviate the burden so that advisors can focus on selling to and servicing customers. At the same time, NexJ KYC Workflow and Approval enables firms to leverage KYC to grow revenues because the very interactions required to fulfill compliance obligations are often excellent opportunities to learn about clients’ needs and develop deeper, richer relationships.

NexJ KYC Workflow and Approval Process with NexJ CRM

NexJ’s run-time configurable forms and approval processes allow firms to adapt to ever-changing business and regulatory conditions in real-time. Smart forms walk the user through the data capture process, while ensuring data already available never needs to be re-entered. Once the forms are completed, they are automatically sent through an approval process. This efficient, positive experience can encourage clients to be more willing to take on additional products over time, driving further additional revenue. At the same time, ongoing KYC monitoring can uncover new customer needs over time.

NexJ KYC and Approval:

  • Delivers out-of-the-box forms and workflows for KYC, client onboarding, account maintenance, and approvals
  • Puts the customer at the center of all workflows, forms, and processes
  • Is integrated to back-office and third-party data sources to increase accuracy and reduce manual effort
  • Provides the agility firms need to stay on top of ever-changing regulations
  • Enables firms to leverage their investment in KYC to improve the customer experience and drive revenues

NexJ’s integrated Know Your Client workflow helps financial services firms:

  • Adhere to regulatory requirements through the use of rule-driven periodic and on-demand KYC reviews
  • Ensure no data is entered twice, improving efficiency and quality of interactions
  • Reduce the burden of regulatory compliance, giving advisors more time to better sell to and service their clients
  • Capture data that enhances existing client records and is used to discover new products and services required by the client
  • Configure processes at run-time to rapidly adapt to changing regulatory and business needs